[ad_1]
A new survey of Australian public service leaders reveals the role of the chief financial officer (CFO) is becoming more sophisticated by the day. Financial and technical skills aside, CFOs now need to be well versed in strategy, leadership, workforce management and decision support.
The skills required in most professional fields are evolving rapidly, not only because of the advent of technology, but also because of changes in the nature of work. Organizations gravitate towards agility, flexibility and efficiency in the workplace, which requires considerable versatility from both teams and individuals.
Get an overview of the role of the CFO in The Australian Public Service (the Commonwealth of Australia’s federal civil service), PwC surveyed leaders in this domain about their role expectations. Finding that most placed evolving responsibilities for the CFO as a key development in the near future.
Finance leaders in the Australian Public Service are already saddled with a range of responsibilities that include overseeing nearly $500 billion in annual public sector spending. In his current role at PwC emphasizes that CFOs are in charge of financial management, management of public money and overall contributions to organizational strategy. This is in addition to absorbing and managing criticism of public spending channels, including the often-discussed spending on external consultancy services..
“They need to balance short-term interests – setting and reporting performance against annual budgets, as well as realizing efficiency dividends – with the long-term vision of their organization and maintaining overall sustainability,” PwC experts write in their report.
The survey shows that leaders are demanding more and more from their CFOs. For example, in light of the extensive scope of public sector projects, knowledge of strategic management and stakeholder engagement, especially within the finance function, is essential for CFOs. Not only do CFOs need to coordinate with other APS agencies, but they need to manage their professional relationships to get the best out of everyone involved.
In a similar vein, another skill sought by senior leaders is workforce leadership and management. CFOs are now required to identify the type of team they need to build and guide professionals through the various stages of project development as well as individual development.
Finally, APS leaders revealed that many federal agencies face a range of challenges, which means that CFOs need to have a range of interpersonal capacities to navigate this environment, including decisiveness and the ability to take a solution-oriented approach.
[ad_2]